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Spending time with an agent and going through the interview process is one of the most important steps in selling your house and, sadly, it’s the one that most homeowners rarely take the time to do.The reason for this may be that many home owners think that all agents do the same thing to sell a house. This is far from the truth!The 80/20 Rule Did you know that in most businesses, 20% of the people do 80% of the sales? In real estate, that ration is closer to a jaw-dropping 94/6 ratio. Given these figures, is it any wonder why so many consumers are dissatisfied with their agent? It’s very easy to get attached to an agent who does not do much business. It’s relatively easy to get a real estate license. Take some classes, pass a test, and bingo bango, you’re a real estate agent. Our industry is full of “part-time” salespeople. Is that the agent you want to represent you on what is probably your largest financial investment? I didn’t think so.

So what can you do to avoid choosing a poor agent to work with? You need to ask great interview questions to begin with. Trust me, these questions will make an skilled agent very uncomfortable.

There is no better recommendation than a track record of success. As a home seller, you will be paying an agent a lot of money to sell your home. Why wouldn’t you want to work with an agent, who outperform on a consistent basis and at a high level? There is a reason why some agents continue to be successful year after year. And in most cases, it does not cost you any more to work with an exceptional agent!

Whatever you do, don’t get hung up on an agents skin color, sex or nationality, What you require is a good agent, and they come in all sizes, shapes, and colors.

If the need arises and you require a good agent, I have over 18 years as a successful active Realtor, Real Estate Designated Broker, and owner, and I would be happy to provide you a list of referrals.

Joe Conway

Pending home sales fall on declining home affordability

NAR: Contract signings reach lowest level since Dec. 2012

Kerri Ann Panchuk

October 28, 2013 10:00AM

The number of real estate contracts signed and recorded declined 5.6% from August to September, as home affordability receded under the influence of higher mortgage rates, home prices and consumer uncertainty, the National Association of Realtors concluded Monday.

The NAR Pending Home Sales Index – a barometer of real estate contract signings – fell from an index score of 107.6 in August to 101.6 in September. It also declined 1.2% from year ago levels when the index hovered at 102.8.

This is the lowest index level reached since December of last year, and NAR is blaming the influence of declining home affordability, lower consumer confidence and a government shutdown that shook up both construction activity and home sales.

"Declining housing affordability conditions are likely responsible for the bulk of reduced contract activity," said Lawrence Yun, NAR’s chief economist. "In addition, government and contract workers were on the sidelines with growing insecurity over lawmakers’ inability to agree on a budget. A broader hit on consumer confidence from general uncertainty also curbs major expenditures such as home purchases."

The numbers suggest a lackluster fourth quarter, with Yun saying for the first time in 29 months pending home sales failed to come in above year ago levels.

"This tells us to expect lower home sales for the fourth quarter, with a flat trend going into 2014," he said. "Even so, ongoing inventory shortages will continue to lift home prices, though at a slower single-digit growth rate next year."

Regionally, the pending home sales index fell the most in the Northeast, declining 9.6% to an index score of 76.7. The Midwest index declined 8.3% to 102.3, but remained 5.7% above year ago levels. The South also saw sales slip 0.4% to an index score of 116.2 even though the index is still 2% above year ago levels.

The West sales index fell 9% in September to an index score of 97.3, also down 9.8% from a year earlier. However, 2013 was a solid year for home sales overall. Numbers recorded in the first part of the year will make 2013 a high performing 12-month period overall.

NAR says total existing-home sales will end up 10% higher when compared to 2012 levels, with 5.1 million sales expected. This could even hold heading into 2014, the latest NAR report says.

Meanwhile, the national median existing-home price is expected to rise 11% to 11.5% for all of 2013, while experiencing a moderate 5% to 6% gain next year.

Home Sales, Prices Slowing in Bust-and-Boom Markets

The sharp home-price rally in some of the hardest-hit housing markets is likely to fade in the coming months amid a pullback in investor purchases and steady increases in the number of homes listed for sale.

For the three months ending in July, home prices rose 27.5% in Las Vegas from the previous-year period, according to the S&P/Case-Shiller index, the largest gain for any of the 20 cities in the index. Prices in Phoenix gained 18.9% from one year ago and 39.1% since September 2011, the best of any of the 20 cities in that span.

The rally began in early 2012 after investors aggressively bought up cheap foreclosed homes that can be rehabbed and flipped to end users or rented out to those who aren’t ready or able to buy, clearing an overhang of distressed properties. Meanwhile, many traditional buyers couldn’t sell their properties because they owed more than their homes were worth, keeping inventories very lean. As home prices warmed up and interest rates fell to rock-bottom levels, traditional buyers got in on the game, releasing pent-up demand.

Now, housing data is showing that the brakes could soon hit such sharp gains:

Phoenix: Investor purchases fell to 20% of sales in September, down from 29% a year earlier, and purchases by nine major institutional investors dropped to 110 sales, down 72% from 398 sales one year ago. Just four of the nine investors bought homes in September, compared with all nine one year ago. Second home purchases dropped by 23%, but purchases by owner-occupants increased by 21%, according to the Arizona Multiple Listing Service.There were 2.5% fewer homes sold in September compared with a year earlier, even as the number of homes for sale increased by 9.4% over that span, according to the Arizona MLS. At the current pace of sales, Arizona had 3.7 months of supply, up from 3.5 months a year earlier.One major bright spot: There are few signs of any shadow inventory of foreclosures hitting the Phoenix market. Distressed sales were down 59% from a year earlier.

Sacramento: The number of homes that sold in September fell by 6.8% from a year earlier, and the number that went under contract fell by 3.6%. Listings jumped by 40.3%, according to TrendGraphix Inc. Median prices rose by 1.2% from August and by 36.1% from one year earlier.

Las Vegas: The share of homes that sold in cash last month stood at 47.2%, down from 54.8% in August and one year ago, and down from a high of 59.5% in February, according to the Greater Las Vegas Association of Realtors. Many cash buyers tend to be investors.

Home sales were down 1.2% from a year earlier, even though there were more homes for buyers to choose from. The number of single-family homes listed for sale, at 14,659, stood 12.6% below last year’s levels, but the inventory of “non-contigent” listings—homes that don’t have any offers and aren’t under contract—was 60.5% above year-earlier levels. The median sales price in September fell for the first time in 19 months.

In Las Vegas, buyers earlier this year found themselves regularly losing out to investors amid tight supplies of homes for sale. Now, “the market is softening tremendously,” said Bryan Lebo, a local real-estate agent. “Buyers are becoming a lot pickier. They’re more patient.”In some neighborhoods, he says, homes are now selling for 10% less than they were just a few months earlier, and builders are beginning to offer generous incentives, such as home upgrades to buyers and commissions to real-estate agents, in order to stay competitive.

Real Estate in Chandler and Maricopa County

In today's challenging Chandler real estate market, selecting the right real estate agent is crucial. It can make all the difference in the world. Whether you're planning on buying, selling, or you just have a question, feel free to call Joe Conway.